The Australian Employment Change release today will provide some volatility for this Asian trading session, especially considering current Australian economy, a strong surprise in the employment sector could end up pushing the currency for at least a couple of hours.
It is also important to look at both Full Time and Part Time employment figures as a high headline figure that are all part-time workers is not considered as positive as full-timers. Watch how the market reacts first then trade if we get our deviation…
9:30pm (NY Time) AU Employment Change Forecast 4.5K Previous 60.9K
The Trade Plan
We´ll look to trade this using after news retracement trading method, we´ll wait for the market to retrace and stay out of the market during the release time. If we get a +29.5K of release, our bias will be to BUY AUD against other currencies; if we get a -20.5K of release, our bias will be to SELL AUD against stronger currencies. We´ll only enter after we see a decent retracement from the initial spike and if we get those release numbers…
For more information on my trading methods: http://www.currencynewstrading.com/how-to-get-started-with-news-trading/
I’d recommend to use the Recommended Pairs from above as they are based on my CSM, which should provide the best combination of currency pairs to trade based on better/worse news… of course, you can also trade the default pair: AUDUSD.
AU Employment Change | May 17, 2017 | Currency Trading News
May 14, 2017 by 1 Comment